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The rise in iron ore is halted after four days due to increased duties on Chinese steel
Dalian iron-ore futures prices ended a four day winning streak on Sunday as increased levies against Chinese steel dampened prospects for demand. However, decreasing portside stocks in China limited the decline. As of 0250 GMT, the most traded May iron ore contract at China's Dalian Commodity Exchange was trading 0.89% lower. It was trading at 831.5 Yuan ($114.87), per metric ton. The benchmark March Iron Ore at the Singapore Exchange was 0.22% less expensive, coming in at $108.25 per ton. According to a document from the trade ministry, Vietnam will impose an anti-dumping temporary levy up to 27,83% on certain steel products imported from China. This move follows the announcement by U.S. president Donald Trump of 25% tariffs for all steel imports in early this month. South Korea followed suit, and imposed tariffs provisionally on Chinese steel sheets last week. Mysteel, a Chinese consultancy, said that "production among Chinese blast-furnace steel producers has continued to decline as more mills have begun regular maintenance work." Mysteel data revealed that the capacity utilisation rate in the surveyed blast furnace steel mills decreased for a second consecutive week. The daily hot metal production fell by 0.21% from one week to another, reaching 2.28 million on February 20. Iron ore demand is usually gauged by the hot metal production. Hexun Futures, a Chinese consultancy, said that despite the weather in Australia, iron ore exports worldwide have decreased slightly. Port inventories will also be falling, they added. SteelHome's weekly data showed that portside iron ore stocks in China dropped 1.15%, to 145.8 millions metric tons on February 21. Coking coal and coke, which are used to make steel, also fell on the DCE. The declines were 1.77% and 2.466% respectively. The majority of steel benchmarks traded on the Shanghai Futures Exchange suffered losses. Rebar fell 0.8%, hot rolled coil dropped 1.3%, and stainless steel declined 0.49%. Wire rod rose 0.76%.
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British Business – February 24,
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. The Times Axa IM Alts is the investment arm of French insurer Axa. They have submitted a planning request to build another skyscraper at the City of London. Bupa, a healthcare provider in the UK, will offer what it claims is the first genetic test that accurately predicts the risk of many common diseases. The Guardian The British Prime Minister Keir starmer announced a funding of 200 million pounds ($253.54million) to increase investment in the Grangemouth Oil Refinery. This refinery is closing with more than 400 job losses. The UK Home Office is accused of collecting information on "hundreds and thousands" of British citizens who were unaware of the situation, while performing financial checks on immigrants. The Telegraph Senior MPs will question BBC bosses about a controversial documentary that has been accused of providing a platform for Hamas propaganda. Sky News The Ontario Teachers Pension Plan is in negotiations to provide Quantexa with an undisclosed new amount of funding, which could be worth billions of dollars. ($1 = 0.7888 pounds) (Compiled from Bengaluru Newsroom)
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Oil dips on pending Kurdistan supply resumption
Oil prices fell in the early hours of Monday's trade, continuing losses from last weekend, as investors awaited clarification on talks to end Russia’s war against Ukraine. Brent futures dropped 20 cents or 0.3% to $74.23 a barrel at 0113 GMT. U.S. West Texas intermediate crude futures declined 28 cents or 0.4% to $70.12 a bar. The two contracts fell by more than 2 dollars on Friday and also posted weekly decreases. An Iraqi official from the oil ministry said that once oil shipments resumed, Iraq would export 185,000 barrels of oil per day through the Iraq-Turkey oil pipeline. Iraq's Oil Ministry said that all procedures were completed for the resumed exports via the Iraq-Turkey Pipeline, which could resolve a dispute of nearly two years that has caused crude flow disruptions. On Monday, the fourth anniversary of Russia's war against Ukraine will be celebrated. All eyes are on the progress made in talks to bring an end to this conflict. Officials announced on Sunday that European Union leaders would meet on March 6 for an extraordinary summit to discuss additional support and European security assurances for Ukraine. The announcement comes after U.S. president Donald Trump began talks with Russia to end the war, but did not invite Ukraine or the European Union. A senior Russian diplomat announced that Russian and U.S. teams will meet this week to talk about improving relations. The U.S., EU and other countries have imposed sanctions on Russian oil exports. This has curtailed its shipments as well as disrupted the seaborne oil supply flow. If a peace agreement is reached and the sanctions are lifted, global energy supplies will increase. Hamas officials in the Middle East said that talks with Israel via mediators about further steps to a ceasefire deal are contingent on Palestinian prisoners being freed as agreed. Israel and Hamas both accuse each other of violating the ceasefire, but it continues to hold.
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Some US agencies warn workers against responding to Musk's email 'What did You do last week?'
Multiple U.S. government agencies have warned employees to not respond to Elon Musk's demand that they list their achievements in the last week, or face being fired. This is part of a chaotic campaign by the Trump administration to eliminate the federal workforce. Trump administration-appointed officials at the FBI and State Department sent their staff emails telling them not to respond outside their chains of command - a possible sign of tension between members of the Republican administration and the world's richest person in his campaign to slash the 2.3 million-strong federal civilian workforce. In an email sent to FBI staff, Kash Patel, who is a Trump appointee and FBI director, said, "The FBI through the office the director will be in charge of our review processes." Musk is the head of the Department of Government Efficiency. In the first few weeks of Trump’s presidency, the department laid off over 20,000 employees and offered buyouts for another 75,000. This was across a wide range of government departments, from the Defense Department, a long-time Republican priority, to the Consumer Financial Protection Bureau where all staff were ordered to stop work. In some cases, the federal government has rehired workers to perform vital functions such as securing nuclear weapons and fighting the bird flu outbreak that has caused egg prices spike. Musk's chaotic approach to reforming the U.S. Government, which has a $36 trillion debt, has been widely criticized, even by some Republican voters. On Saturday night, federal workers received an email informing them that they must detail their work from the previous week before 11:59 pm. Musk announced on his social media platform X that if he didn't respond, it would be considered a resignation. The email was sent on Saturday evening at 11:59 p.m. ET. The email's subject was "What did YOU do last week?" The email was sent from an address for human resources in the Office of Personnel Management. Musk's threat of termination, however, was not included. Sources and emails reviewed revealed that workers at the Departments of Defense, Homeland Security, Education and Commerce, and at the Federal Deposit Insurance Corporation, National Institutes of Health, and Internal Revenue Service were also told to refrain from responding pending further instructions. Sources say that workers at intelligence agencies will also be instructed not to respond. To be clear, this is irregular, unexpected and warrants further verification," wrote a senior manager at the National Centers for Environmental Information (an agency that manages data on the environment and is part the Commerce Department). Some officials welcomed this move. Ed Martin, Trump’s nominee to be U.S. attorney in Washington, D.C., serving as an interim, praised Musk in an email. Other offices in the Justice Department told their employees to wait for more information before responding, such as the executive office which supports all U.S. Attorneys and the civil division. According to an email that was seen by, employees at the Drug Enforcement Administration (part of the Justice Department) were instructed to respond. UNION QUESTIONS MUSK’S AUTHORITY The American Federation of Government Employees (AFGE), the largest federal union, posted on social media Sunday that they did not think Musk had the authority to dismiss employees who don't respond, and that they would request in writing that OPM retract the message. The union also advised its members to directly ask their supervisors whether they should reply or not and to listen to their advice. After weeks of uncertainty, some employees were even more upset and anxious after receiving the email. One IRS employee said, "I wonder when someone will say, "Enough"." Requests for comments were not immediately responded to by the FDIC, the Treasury, the Justice, Education, and Commerce departments, nor the FDIC and NIH. A spokesperson for the FBI declined to comment and a spokesperson from the State Department referred all questions to White House. Musk, on his social media platform X, called the email a "very basic pulse check". He displayed a fictional listing he generated using artificial intelligent. It is VERY troubling that certain parts of the government believe this to be TOO MUCH!! What's wrong with these people? Musk wrote: U.S. U.S. Senator John Curtis (a Republican from Utah) said that he supported the Trump administration’s efforts to cut government spending, but Musk should adopt a more humane attitude. Curtis told CBS News that "if I could tell Elon Musk one thing, it would be, 'Please add a little compassion to this'." These are real people. "These are real people. These are mortgages. It is a false narrative that we must cut, and you also have to be cruel. We can do both." Administrative Office of the U.S. Courts reported that some federal judiciary staff, including judges, received the OPM email on Saturday, despite the fact that the court system does not belong to the executive branch. According to an email that was reviewed by us, the judiciary told employees to ignore the message and not take any action. Some employees did not know how to react, even if it was their choice. Several lawyers have expressed concerns about the confidentiality of their work. People with knowledge of the situation say that workers at the Consumer Financial Protection Bureau received the same email, despite the fact that they had been ordered to cease work since the beginning of this month and were left with little to do. Former Republican Governor of New Jersey Chris Christie said that the email was a "complete overstep" and would be defeated by a court. Christie told ABC News that "from a management standpoint, you can clearly see what a clown-car this is at the moment." (Reporting and editing by Scott Malone and Will Dunham in Washington, and Jonathan Landay in Princeton, New Jersey; Additional reporting and editing by Marisa Tayloe, Kanishka Sing, Brad Heath and Valerie Volcovici in Princeton, New Jersey. Additional reporting and editing by Marisa T. Taylor, Kanishka Sing, Brad Heath and Valerie Volcovici in Washington, and Joseph Ax and Karen Freifeld in Princeton, New Jersey.
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BBVA increases sustainable finance target by 700 billion Euros
BBVA announced on Monday that it has increased the target amount for lending to sustainable businesses to 700 billion Euros ($732.7 billion). The lender had previously set an initial target of 300 billion euro for the period between 2018 and 2025. Javier Rodriguez Soler is BBVA’s global head for sustainability, corporate and investment banking. He said that the business opportunity in the second half of the decade would be driven by a solid investment in infrastructure, and the maturity of new clean technologies. The growing public pressure to act to curb climate change has prompted countries and companies alike to make promises to reduce emissions. Banks have committed to lending more money to clean energy and to reduce financing for polluting industries. Environmental campaigners are concerned that banks may be affected by a shift in political climate under the new U.S. president Donald Trump and might withdraw from their sustainability commitments. HSBC has delayed by 20 years its goal of achieving net-zero emission across its businesses to 2050 because of the slow pace in which the economy is changing. BBVA has also set a target of reaching zero emissions by the middle of this century. The bank is still financing coal, but it says that by 2030 for developed countries, and 2040 for the rest of world.
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The conservative policies of Friedrich Merz
The conservative Christian Democratic Union in Germany (CDU) along with its Bavarian sister party, the CSU, won the elections on Sunday. They are likely to form the next coalition government. Here is a list of the key positions they took in their election campaign: ECONOMY CDU wants to reduce red tape, encourage investment and lower energy prices in order to boost the economy. The government wants to reduce electricity taxes, grid fees and expand research on renewable energy, nuclear power and power storage. It wants to abolish Germany's Supply Chain Due Diligence Law. The party pledges to support the industry by digitalisation, cloud applications, and sovereign AI. The party will establish a Digital Ministry and a "Startup Protection Zone", which would shield new businesses from red tape. FINANCE The CDU would like to reduce corporate tax from 29.9% to maximum 25%. The CDU wants to keep a tax break for married couples, and increase tax breaks for children. Other parties have criticised CDU for not explaining how it would finance all of the tax cuts promised. CDU pledges to keep Germany's debt-brake, a constitutional tool that limits the federal government deficit to just 0.35%. It has been criticized for hindering investment. The party leader Friedrich Merz left the door wide open for reforming the debt brake, but did not specify how. MIGRATION AND BORDER TRAFFIC CDU supports stricter border controls and faster asylum processing. It also advocates deportation of those who do not have legal residency. It proposes a reform to the European Asylum Law, arguing that asylum applications should be processed outside the EU in safe third-country jurisdictions. The party wants to limit the social benefits of those who are required to leave. It also wants to expand the list safe countries of origin and suspend policies that allow families of refugees to move into Germany with subsidiary protection status. The bill also seeks to reverse the government's policy of rapid naturalization and prohibit dual citizenship. The CDU also plans to simplify recognition of foreign professional qualification and create a "Work-and-Stay Agency", a digital platform that will streamline visas, residence permits, and recruitment for foreign skilled workers. SECURITY The CDU supports stronger law enforcement, including tougher punishments, faster legal proceedings, increased surveillance in high-risk areas, and more aggressive prosecutions. It promises to take stronger action against extremists on the right and left. FOREIGN POLICY CDU has committed to spending at least 2% of the gross domestic product (GDP) on defence, which is the NATO minimum. It is committed to reintroducing mandatory military service, and leading an initiative for a European Missile Defence System. Merz said earlier this month that he was open to discussing options for financing an increase in defence spending. It calls for stronger transatlantic relations with the U.S., and a renewed partnership with France and Poland. It supports Ukraine with humanitarian, financial and military assistance, as well as diplomatic, financial and political support. It supports Israel, and it backs the two-state solution. The party wants to reduce reliance on China. CLIMATE The CDU's "Yes to Cars", policy opposes measures like inner-city driving restrictions, reduced parking spaces, and an overall highway speed limit. The report advocates lifting the EU planned ban on combustion engines, reviewing fleet emissions limits, and preventing penalities for carmakers who fail to meet emission targets, while also expanding charging infrastructure for electric vehicles. The party wants to repeal the law that gradually phases out domestic heating with oil and gas, but it supports tax incentives on energy-efficient home renovations. The party also proposes to reinstate agricultural diesel subsidies as well as promote emissions trading. SOCIAL POLICIES CDU wants to increase housing supply through a simplified building code, expanded construction zones, and social housing investments. The government wants to introduce compulsory preschool language tests to measure German proficiency. It also promises to increase student financial aid, child benefits and tax exemptions. The report proposes increasing childcare access, increasing the tax deductions, and reversing last year's law that reduced regulations on gender transitions. (Reporting and editing by Riham Alkousaa, Maria Martinez and Alexandra Hudson; Bernadettebaum and Matthias Williams)
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Trump's envoy: US companies may do business with Russia in the event of a peace agreement
Steve Witkoff, the special envoy of President Donald Trump, said that a peace agreement between Russia and Ukraine would allow U.S. companies to do business in Russia. Why it's important Trump has been pressing for an agreement to end the conflict in Ukraine. He held separate phone calls this month with Russian President Vladimir Putin, and Ukrainian President Volodymyr Zelenskiy. KEY QUOTES "Obviously, there would be expectations that American companies would return to do business in the region if we reach a peace agreement." Witkoff said on CBS News' "Face The Nation" that he believed that everyone would think it was a good, positive thing. Scott Bessent, U.S. Treasury secretary, told Bloomberg Television that Russia may be able to receive some relief from U.S. sanction if it is willing to negotiate an ending to its war with Ukraine. Bessent responded to a question about whether the United States was willing to increase or decrease sanctions against Russia depending on the outcome of the talks to end the Ukraine conflict. CONTEXT In a recent meeting in Saudi Arabia, Trump's top officials met with their Russian counterparts. Ukraine was not included in the discussions. Trump called Zelenskiy, a Russian dictator, on Wednesday. Trump has called on the presidents of Russia, Ukraine and the European Union to join forces in order to end the conflict that began after Russia invaded Ukraine back in February 2022. Russia annexed Crimea back in 2014. Trump has faced criticism both domestically and abroad in the last week. He said that Ukraine "should never have started" the conflict before changing his mind and saying Russia invaded Ukraine. Witkoff, Bessent and others separately stated on Sunday that they expected an agreement to be signed in the coming week regarding U.S. access of Ukraine's vital mineral deposits.
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Sudan's army gains key advancements after signing the political charter
Sudan's Army said Sunday that it had retaken control of el-Gitaina from the Rapid Support Forces, located just south of capital. It also broke the siege of the paramilitary groups on the strategic western city of el-Obeid. Last week, activists reported that three days of RSF attack near Gitaina in White Nile State, which is emerging as a major battleground in central Sudan as the army gains territory, had resulted in more than 200 deaths. The conflict that broke out in April 2023 as a result of a power struggle between RSF and army has caused the death of tens and thousands of people. It has also caused the displacement of 12 million people and spread severe hunger and disease. The gains made by the army on Sunday come just hours after RSF signed a charter for a breakaway group government, with leaders of allied political groups and armed groups, mostly from western regions. Egypt, which is a neighboring country and supports the Sudanese Armed Forces, has rejected the RSF’s decision to sign a charter of principles with its allies. At a joint press conference with his Sudanese colleague Ali Youssef, Foreign Minister Badr Abelatty said: "We reject all calls for parallel frameworks in Sudan. We affirm our full and unwavering support for Sudan." He added that Sudan's territorial stability was of paramount concern to Egypt. Rights groups and international observers say that attempts at peace talks have failed and that both sides continue to rely on foreign supporters for weapons. Reporting by Khaled Abedlaziz, Clauda Tanias and Mohamed Ezz; Writing by Nafisa Eltahir and Tomasz Jánowski; Editing and proofreading by Helen Popper and Tomasz Jánowski
Ampol Australia falls on profits plunge and decade-low dividend
Ampol, an Australian fuel retailer, saw its shares fall by nearly 10% after the company reported a sharp decline in annual profits and declared its lowest dividend in over a decade.
Ampol announced a final dividend per share of 5 Australian Cents, down from 120 Aucents a year ago. This is also below Visible Alpha’s consensus estimate, which was 7 Aucents.
As of 0010 GMT the shares of the company had fallen 4.3%, while the benchmark index was down by 0.6%.
Ampol reported a net profit of A$234.8 (149.5) million on a replacement-cost basis for the period ended December 31 compared to A$740.1 million one year earlier.
Fuel retailer blamed the lower profit on a weak fuels business and infrastructure, as well as multiple outages in its Lytton Refinery in Queensland.
Ampol's Fuels and Infrastructure business reported earnings before interest and tax (EBIT) at A$186.3m, a sharp drop from the A$736.5m reported a year earlier.
CEO Matt Halliday stated that the 2024 financial period was one of global refining and commodities markets. This affected both our Lytton Refinery and Trading and Shipping Operations.
Ampol announced that it would be reducing costs by A$50 millions as part of a program to reduce capital expenditures in fiscal year 2025. The company had previously announced this plan in October.
In January, the company reported that its realized Lytton refinery margin was US$6.31 a barrel.
Ampol relies heavily on the retail sales of its products in its stores, along with fuel sales. Brad Smoling is the managing director of Smoling Stockbrocking. He said that sustained high interest rates have greatly reduced discretionary income and disposable income.
Ampol's current headwinds will be very difficult to navigate if we add the global refining challenges to the balance sheet.
(source: Reuters)